Tag Archives: OpenTable
OpenTable Fourth Quarter Net Income Grew 65%
OpenTable Inc (NASDAQ:OPEN) announced that its fourth-quarter net income grew 65%. More diners and restaurants are using OpenTable’s electronic booking system and reservations systems. OpenTable’s went public in May 2009 at $20 per share. Today they are trading at around $85-$86.
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Toyota Entune Intotainment System Apps Include Pandora, Bing, OpenTable
Japanese car company Toyota has announced a new entertainment system called Entune. Entune will be implemented in certain car models. Entune will have applications, Bluetooth, and text messaging replay and read-back. Apps on Entune include Bing, Pandora, iheartradio, OpenTable, Pandora, and MovieTickets.com. Entune will also have fuel price alerts, stock alerts, weather reports, sports scores, etc. Below is the full press release:
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Categories Microsoft Bing, OpenTable, Pandora, Toyota, Toyota Entune
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OpenTable Acquires Toptable.com For $55 Million In Cash
OpenTable Inc (NASDAQ:OPEN) has acquired UK-based company Toptable.com for $55 million in cash. Toptable has 3,000 restaurants in the UK and 2,000 across the rest of Europe. OpenTable has 900 restaurants in the U.K. and 600 in Germany. This acquisition substantially increases the company’s presence in Europe. [GigaOM]
Categories OpenTable, Toptable
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Yelp Integrating OpenTable Into Restaurant Profiles
Yelp is integrating OpenTable’s reservation system into restaurant profiles. The OpenTable reservation can only be viewed by registered users viewing participating restaurants. OpenTable currently works with about 11,000 restaurants.
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Categories OpenTable, Yelp
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Urbanspoon Launches OpenTable Competitor On The iPad
Urbanspoon has launched an OpenTable competitor using the iPad. The iPad application that Urbanspoon created to challenge OpenTable is called RezBook (part of Urbanspoon Rez). The application lets anyone interested in visiting restaurants set up a reservation ahead of time. RezBook will charge $1 per reservation plus a low monthly fee. [TechCrunch]
Categories Apple iPad, OpenTable, RezBook, Urbanspoon, Urbanspoon Rez
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Apple Acquires Mobile Virtual Assistant App Company Siri
Apple Inc. (NASDAQ:AAPL) has acquired virtual assistant mobile application company Siri. Siri is essentially a “getting-things-done” application. You just press the green button that says “Say It” and it brings up a solution to your problem. For example, if you say “I’m looking for an Italian restaurant in San Jose,” the application will pull up information about the Italian restaurants in that area. You can also say you are looking for a table for two and it will use OpenTable to confirm a reservation.
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Urbanspoon Competing With OpenTable By Accepting Reservations
IAC/InterActiveCorp (NASDAQ:IAC) subsidiary Urbanspoon has a huge userbase on the web and on the iPhone. As a matter of fact, about one million people “shake” the iPhone application per day.
Now Urbanspoon is setting up a reservation system with a pilot of 4 restaurants in Seattle. The reservation system competes directly with OpenTable, a service that has a reservation system that filed for an IPO this past Janaury. Eventually Urbanspoon will be opening up to additional restaurants.
OpenTable pays $300 per month to rent a terminal for reservations. Urbanspoon and OpenTable pay about $1 for every reservation made through the systems.
[via RWW]
Categories OpenTable, Urbanspoon
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OpenTable Planning IPO For May 20
OpenTable Inc. is an online reservation system that can be used for over 10,000 restaurants in the U.S. The company is planning to have an IPO on May 20. The IPO will be underwritten by Merrill Lync & Co. The company plans to sell 3 million shares at a price of between $12 and $14. This should give them a net infusion of about $16.1 million.
Forty eight percent of the shares are going to be sold to existing shareholders. In 2007, OpenTable made about $41.1 million revenues. Last year the company made $55.8 million. The company will be trading on The Nasdaq Global Market with the symbol “OPEN.”
Categories OpenTable
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OpenTable Going IPO
OpenTable is an online reservation system for restaurants that started eleven years ago. Thus far about 90 million table reservations have been made on OpenTable. They have filed an S-1 with the SEC indicating that they are ready to go IPO. OpenTable is hoping to raise $40 million from the IPO and wants their stock to be listed under the NASDAQ. Merrill Lynch is bookrunning the deal.
The company has made $41.3 million in revenues based on the first 9 months of 2008. This is a 41% increase from the year before. Revenue is generated by restaurants that pay subscription fees (54%) and reservation fees (42%) that show up through the system. Installation fees generate 4% of OpenTable’s revenues.
Through the IPO, OpenTable is hoping to raise an additional $40 million. Between 1999 and 2000, OpenTable raised about $48 million in VC funding. Fortunately former eBay executive Jeff Jordan was able to street the company through the bubble and make it as far as IPO. When a web 1.0 company makes it this far, you just have to commend it.
Categories Jeff Jordan, OpenTable
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